Today, the program's administrator issued its first report and it found that Bank of America, which was responsible for the biggest portion of the agreement, hasn't modified a single first-mortgage.

The Los Angeles Times reports:

"The report showed that Bank of America Corp. faltered in one key area of the settlement, completing no modifications of first mortgages from March 1 to June 30, the period covered in the first status report released by the Office of Mortgage Settlement Oversight.

"The other four banks covered by the settlement — JPMorgan Chase & Co., Wells Fargo & Co.,Citigroup Inc. and Ally Financial Inc. — reported that they had completed 7,093 modifications of first-lien mortgages worth a total of $749 million.JPMorgan Chase completed the most such modifications with $367 million.

"'More hard work remains as the banks work to meet their obligations,' said Joseph A. Smith, the monitor of the settlement."